The United Arab Emirates (UAE) is recognized as a global leader in adopting innovative technologies. Over the past decade, the country has become a hub for cutting-edge artificial intelligence (AI) applications, particularly in the banking and financial sectors. The UAE's focus on technological transformation has significantly reshaped the traditional banking landscape, making it more efficient, accessible and user-friendly.
The UAE government has been a driving force behind the adoption of AI and fintech innovations. The UAE Strategy for Artificial Intelligence 2031, launched in 2017, aims to position the country as a global leader in AI by the end of the decade. This strategy includes initiatives to integrate AI into various sectors, including banking.
The Dubai International Financial Centre (DIFC) has become a thriving fintech hub, home to many AI-driven startups in the banking space. The DIFC Innovation Hub is the largest innovation ecosystem in the region, with more than 1200 innovation and technology firms and supports businesses that are leveraging AI, blockchain and other emerging technologies to create innovative financial solutions.
The DIFC also hosts a number of conferences and events that bring together key players in the banking and technology sectors to discuss the future of AI and its applications in finance.
The following is an overview on how AI is revolutionizing the banking sector in the UAE and what the future holds.